KOCHI: The Ernakulam District Trade Union Coordination Committee will organise a protest march on Wednesday to express solidarity with the employees of the Cochin Shipyard Ltd (CSL) agitating against the Centre’s decision to sell 25 per cent of CSL’s shares.In all, 10,000 labourers from 19 trade unions, besides CSL employees, will participate in the march, trade union leaders C K Manisankar and Ibrahim Kutty told media persons on Tuesday. They alleged the Centre’s move to sell the shares was the first step towards privatising the profit-making public sector company.
“The Union Government is propagating the false message the shares are being sold to mobilise funds for future development of the shipyard. CSL already has a reserve fund of Rs 1,618 crore. The estimated amount required for the development activities of the shipyard for the next five years is Rs 2,700 crore. The shipyard recorded a profit of Rs 322 crore last fiscal. It will not be impossible for it to earn a profit of at least Rs 1,500 crore in the next five years,” they said.
“Hence, the proposed development projects can be carried out without disinvestment. The previous government had granted permission to mobilise Rs 500 crore through bonds. This certainly makes it unnecessary to sell the shares,” they said.They said the Centre also ignored the resolution passed by the Kerala Assembly saying the shipyard’s shares should not be sold.
“While proceeding with its disinvestment decision, the Centre troubled the shipyard by not awarding orders to it. Orders of the Indian Coast Guard and the Navy were awarded to Reliance Defence while CSL, which built an aircraft carrier, was denied the opportunity to participate even in the tender,” they said.